&4'55(145#('6;
#P[RQYGTVQQNECPVJTQYHQTGKIPQDLGEVUKPVQVJGG[GU
6JKUECPTGUWNVKPRGTOCPGPVG[GFCOCIG'XGT[FC[
G[GINCUUGUJCXGQPN[KORCEVTGUKUVCPVNGPUGUCPF
CTGPQVUCHGV[INCUUGU)NCUUGUQTIQIINGUPQVKP
EQORNKCPEGYKVJ#05+<EQWNFUGTKQWUN[KPLWTG[QW
YJGPVJG[DTGCM
ŏ
&QPQVYGCTNQQUGENQVJKPIINQXGUPGEMVKGUQT
LGYGNT[TKPIUYCVEJGU6JG[ECPIGVECWIJVCPF
FTCY[QWKPVQOQXKPIRCTVU
ŏ
9GCTPQPUNKRHQQVYGCT
ŏ
6KGDCEMNQPIJCKT
ŏ
4QNNNQPIUNGGXGUCDQXGVJGGNDQY
ŏ
0QKUGNGXGNUXCT[YKFGN[6QCXQKFRQUUKDNGJGCTKPI
FCOCIGYGCTGCTRNWIUYJGPWUKPICP[OKVGTUCY
ŏ
(QTFWUV[QRGTCVKQPUYGCTCFWUVOCUMCNQPIYKVJ
UCHGV[IQIINGU
+052'%6;174914-2+'%'
/CMGUWTGVJGTGCTGPQPCKNUQTHQTGKIPQDLGEVUKPVJG
RCTVQHVJGYQTMRKGEGDGKPIEWV
2NCP[QWTYQTMVQCXQKFUOCNNRKGEGUVJCVOC[DKPFQT
VJCVCTGVQQUOCNNVQENCORCPFIGVCUQNKFITCURQP
2NCPVJGYC[[QWYKNNITCURVJGYQTMRKGEGHTQOUVCTVVQ
ſPKUJ#XQKFCYMYCTFQRGTCVKQPUCPFJCPFRQUKVKQPU#
UWFFGPUNKREQWNFECWUG[QWTſPIGTUQTJCPFVQOQXG
KPVQVJGDNCFG
&101618'44'#%*
-GGRIQQFHQQVKPICPFDCNCPEG-GGR[QWTHCEGCPF
DQF[VQQPGUKFGQWVQHVJGNKPGQHCRQUUKDNGMKEMDCEM
0'8'4UVCPFKPVJGNKPGQHVJGDNCFG
0GXGTEWVHTGGJCPF
ŏ
$TCEG[QWTYQTMRKGEGſTON[CICKPUVVJGHGPEGCPF
VCDNGUVQRUQKVYKNNPQVTQEMQTVYKUVFWTKPIVJGEWV
ŏ
/CMGUWTGVJGTGKUPQFGDTKUDGVYGGPVJGYQTMRKGEG
CPFVJGVCDNGQTHGPEG
ŏ
/CMGUWTGVJGTGCTGPQICRUDGVYGGPVJGYQTMRKGEG
HGPEGCPFVCDNGVJCVYKNNNGVVJGYQTMRKGEGUJKHVCHVGTKV
KUEWV
ŏ
-GGRVJGEWVQHHRKGEGHTGGVQOQXGUKFGYC[UCHVGTKV
KUEWVQHH1VJGTYKUGKVEQWNFIGVYGFIGFCICKPUVVJG
DNCFGCPFVJTQYPXKQNGPVN[
ŏ
1PN[VJGYQTMRKGEGUJQWNFDGQPVJGUCYUVCDNG
ŏ
5GEWTGYQTM7UGENCORUQTCXKUGVQJGNRJQNFVJG
YQTMYJGPKVŏURTCEVKECN
75'':64#%#76+109+6*.#4)'141&&
5*#2'&914-2+'%'5
ŏ
7UGGZVTCUWRRQTVUVCDNGUUCYJQTUGUDNQEMUGVE
HQTYQTMRKGEGUNCTIGGPQWIJVQVKR
ŏ
0GXGTWUGCPQVJGTRGTUQPCUCUWDUVKVWVGHQTCVCDNG
GZVGPUKQPQTCUCPCFFKVKQPCNUWRRQTVHQTCYQTMRKGEG
VJCVKUNQPIGTQTYKFGTVJCPVJGDCUKEOKVGTUCYVCDNG
QTVQJGNRHGGFUWRRQTVQTRWNNVJGYQTMRKGEG
ŏ
&QPQVWUGVJKUUCYVQEWVUOCNNRKGEGU+HVJG
YQTMRKGEGDGKPIEWVYQWNFECWUG[QWTJCPFQT
ſPIGTUVQDGYKVJKPKPOOQHVJGUCY
DNCFGVJGYQTMRKGEGKUVQQUOCNN-GGRJCPFUCPF
ſPIGTUQWVQHVJGőPQJCPFU\QPGŒCTGCOCTMGFQP
VJGUCYUVCDNG
ŏ
9JGPEWVVKPIQFFUJCRGFYQTMRKGEGURNCP[QWTYQTM
UQKVYKNNPQVDKPFKPVJGDNCFGCPFECWUGRQUUKDNG
KPLWT[/QNFKPIHQTGZCORNGOWUVNKGƀCVQTDGJGNF
D[CſZVWTGQTLKIVJCVYKNNPQVNGVKVOQXGYJGPEWV
ŏ
2TQRGTN[UWRRQTVTQWPFOCVGTKCNUWEJCUFQYGNTQFU
QTVWDKPIYJKEJJCXGCVGPFGPE[VQTQNNYJGPEWV
ECWUKPIVJGDNCFGVQőDKVGŒ
6QCXQKFKPLWT[HQNNQYCNNCRRNKECDNGUCHGV[
KPUVTWEVKQPUYJGPEWVVKPIPQPHGTTQWUOGVCNU
ŏ
7UGQPN[UCYDNCFGUURGEKſECNN[TGEQOOGPFGFHQT
PQPHGTTQWUOGVCNEWVVKPI
ŏ
&QPQVEWVOGVCNYQTMRKGEGUVJCVOWUVDGJCPFJGNF
%NCORYQTMRKGEGUUGEWTGN[
ŏ
%WVPQPHGTTQWUOGVCNUQPN[KH[QWCTGWPFGTVJG
UWRGTXKUKQPQHCPGZRGTKGPEGFRGTUQPCPFVJGFWUV
DCIJCUDGGPTGOQXGFHTQOVJGUCY
9*'05#9+54700+0)
&QPQVCNNQYHCOKNKCTKV[HTQOHTGSWGPVWUGQH[QWT
OKVGTUCYVQTGUWNVKPCECTGNGUUOKUVCMG#ECTGNGUU
HTCEVKQPQHCUGEQPFKUGPQWIJVQECWUGCUGXGTG
KPLWT[
$GHQTGEWVVKPIKHVJGUCYOCMGUCPWPHCOKNKCTPQKUG
QTXKDTCVGUUVQRKOOGFKCVGN[6WTPVJGUCY1((
7PRNWIVJGUCY&QPQVTGUVCTVWPVKNſPFKPICPF
EQTTGEVKPIVJGRTQDNGO
$1&;#0&*#0&215+6+10(+)4
0GXGTRNCEGJCPFUPGCTVJGEWVVKPICTGC2TQRGT
RQUKVKQPKPIQH[QWTDQF[CPFJCPFUYJGPQRGTCVKPI
VJGOKVGTUCYYKNNOCMGEWVVKPIGCUKGTCPFUCHGT
-GGREJKNFTGPCYC[-GGRCNNXKUKVQTUCVCUCHG
FKUVCPEGHTQOVJGOKVGTUCY/CMGUWTGD[UVCPFGTU
CTGENGCTQHVJGUCYCPFYQTMRKGEG&QPQVHQTEGVJG
UCY+VYKNNFQVJGLQDDGVVGTCPFUCHGTCVKVUFGUKIPGF
TCVG
5VCTVKPICEWV
ŏ2NCEGJCPFUCVNGCUV
KPOO
CYC[HTQO
VJGRCVJQHVJGDNCFGŌQWVQHVJGőPQJCPFU\QPGŒ
ŏ*QNFYQTMRKGEGſTON[CICKPUVVJGHGPEGVQRTGXGPV
OQXGOGPVVQYCTFVJGDNCFG
ŏ9KVJVJGRQYGTUYKVEJ1((DTKPIVJGUCYDNCFG
FQYPVQVJGYQTMRKGEGVQUGGVJGEWVVKPIRCVJQHVJG
DNCFG
ŏ5SWGG\GVTKIIGTUYKVEJVQUVCTVUCY
ŏ.QYGTDNCFGKPVQYQTMRKGEGYKVJCſTOFQYPYCTF
OQVKQP
9#40+0)
9#40+0)
9#40+0)